Homehttps://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/Businesshttps://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/Saudi Aramco will sell 1.5% stake, valuing company up to $ 1.7T

Saudi Aramco will sell 1.5% stake, valuing company up to $ 1.7T

OPIS Chief Petroleum Analyst Tom Klose discusses Iran's discovery of a new oil field, how big the oil fields will make 2020 a cheap year for oil, and Iran's ability to announce its discovery to undermine Saudi's IPO Aramco. [19659002] By JON GAMBRELL and MALAK HARB Associated Press

DUBAI, United Arab Emirates (AP) – Saudi Arabia's Aramco state-owned oil giant announced Sunday it will sell 1.5% stake in the company as it looks set to gather $ 25.6 billion in sales.

Recently released data also revealed an estimate for the company, which is between $ 1

Aramco will announce the final price for the stock when the book build period ends on December 5th. Trading on the local Tadoule exchange in Riyadh is expected to happen sometime in mid-December.

The long-awaited sale of a company slider is being generated. global buzz because it could become the world's largest public offering nial, surpassing record holder Alibaba, whose IPO raised $ 21.8 billion in its first trading day in 2014.

Saudi Aramko is an oil producer and gas in the kingdom, pumping more than 10 million barrels of crude oil a day, or about 10% of global demand. The oil and gas company made $ 111 billion in profits last year, more than Apple, Royal Dutch Shell and Exxon Mobil combined.

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The Kingdom's Plan to Sell Part of the Company is part of a broader economic overhaul aimed at raising new revenue streams for the dependent country oil, especially as oil prices struggle to reach a price range of $ 75 to $ 80 a barrel, according to analysts that it is necessary to balance Saudi Arabia's budget, the Brent crude is trading at just over $ 63 a barrel.

FILE – In this September 20, 2019 file of photos taken during a trip organized by the Saudi Ministry of Information, workers repaired damage to an Aramco oil separator at a processing facility following the recent Sept. 14 attack in Abqaiq, near Dammam in E

Prince Mohammed stated that the Aramco listing is one way for the kingdom to raise capital for the country's sovereign wealth fund, which will use this revenue to develop new cities and lucrative projects in Saudi Arabia.

Despite Aramco's profitability, state control of the company carries a number of risks for investors.

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Two key Aramco processing sites were targeted by rockets and rockets in September, an attack claimed by rebels from Iran, Houthi in neighboring Yemen. but for which Saudi Arabia blames its regional enemy Iran. The government also sets levels of oil production that directly affect Aramco's production.

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Associate writer Aya Batrawy in Dubai, United Arab Emirates, contributed to this report.